The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-17
THE GREAT CHICAGO CORNER
1nnumerable Lawsuits Promise to Fol-
low the Collapse of Tuesday Last.
Phil Armour Expresses Entire Confidence in
Kershaw. and Declares that Nobody Will
Lose Anything Through that Firm.

morning, stating that the firm expected to pay
all differences to-day When the market
opened, at 930 the first sales were at Tic for
June, and 73c for July. The latter option then
sold down to 72sc. but quickly went up to 73!c,
and at 9.3S A. NJ. was 73c.
The failures of yesterday numbered fifteen.
They were as follows, with an estimate of the
liabilities: Crosby &c Co.. $4,000; II. K.
Matthews, $50. 900; J. A Edison G. Co.,
100000: NJ. b. Crafts G. Co., $4,000; B.
). McCleary G. Co.. s25, coo; Pickering & Co.,
$40, 900; S. d. Eldrdee & Co., $4,000; Gregg,
Son & Co. $4,000; Herd, Bro G. Co., $4,000;
J. Z. Baldlng & Co., $40, 900; J. H. Yourt & Co.,
$40. 900; Hubbard & Co.. $40. 900; NJ. s. Robinson
& Co.. IS. 900; Yourt & Brearly, S., 000; S. Carr,
$4,000 Total, 1856, 900.
Including the failures OF the day before, NJ.
Rosenfeld & Co., Hamil e. Brine and e. E.
Bailey & Co., there is a total of nineteen. with
aggregate liabilities approximating So 600. 0O0
Some Of these failures were caused by inability
of the parties TO reach their outside customers,
while others were caused by the failure OF Rosen
field g. Co. and the suspension of payments by
Kershaw 81 Co. It is said that in the majority
of cases the embarrassed firms will come out all
right soon as their trades can be settled, and
that In one two instances the books will actual
ly show profits. In addition to those whose fall
brought about by either Of the causes
given, there are some who were in the deal on
their own responsibility, and simply got caught
where they could not help themselves. The fol-
lowing is the notice in Kershaw's window. 1t is
in Mr.. G. J. Kershaw's handwriting:
Nothing can be decided until IL o'clock. We
are promised by that time positive knowledge
whether remittances are on the way, which we
are led to believe will come"
The notice fof Kershaw 81 Co. produced
unfavorable impression. IL ne cannot meet his
L. T. 49,
brokerage firms will be dragged down to-day.
Tho facts in regard to the deposit of money for
kershaw d Co., yesterday. at the American Ex-
change Bank. which he founded his promise
pay in full, made public this morning in
semi official way. It seems that Wiltshire did
deposit $500. 900 to the credit of Kershaw e. Co.,
yesterday morning. When c. j. Kershaw left
the bank. at 8 o'clock, after hours consulta-
ton with Wiltshire, ID. w. Irwin, Cashier Dewar,
q. B. Egrleston and several of the directors,
there was nearly $500, 900 deposit subject as
he supposed, to his check. He hurried down
the Office of Armour e. Co. and there told
h. =, sOd dwn =, 20 csnds ms
was not until 10:45 o'clock, whsu he went into
Armour's Office again. that he was told that his
checks were being thrown out by the American
Exchange National He went out Of Armours
Ike a shot to ascertain the trouble. The trouble
was that Immediately after Kershaw left the
American Exchange Bank, and when Wiltshire
produced the 5000, 900 to 60, as he supposed, to
the credit of Kershaw, Irwin. Green & Co. de-
,manded half of it. President Irwin is the senior
that he could credit the money he was dis
posed to. When Kershaw's check for 5000 600
from the clearing house went down for certif-
cation, it was thrown out Some big checks had,
however, gone through all right before. Among
them were checks to Schwartz, Dupee q Co., P.
b. Weare e. Co., William Dunn 81 CO., and
few Others aegregating, perhaps, $150,000. SO
that Kershaws promises were made in good
faith. IL it had not happened that the president
OF the bank was also an applicant for more
margins Kershaws checks would have been GER
tilted.
Armour said this morning: "The amount of
loss to this market is not nearly so severe as some
OF the unfortunate ones are claiming Most of
the failures so far announced were of men who
were broke before this panic and who were sim
ply waiting for a good excuse. They have been
thus for twelve months, some of them. Nobody
can lose money on Kershaw, for he is margined
way down. He tells me this. and l know he
would lie to He would have gone
through yesterday il there had not been a mud
die at the bank. l offered 72s cents for one-half
million bushels of wheat to a bank yesterday
when the market on the board was nominaly 70
cents, and the bank would not sell it. The
banks all say they will not sell. There would
have been a great deal of cash wheat taken
yesterday, but you could not do business The
banks would not talk to you. They were too
busy with margins"
The clerks Office in the court house had hard
~ opened to-day before the attorneys for
suffering Board OF Trade Spectators began
crowding in with afidavits for attachments
on which to have service Of punishment
secured. Among the first to appear was attor-
nep Riddle who smiled as he called for blank
II want to file little case" he said, and then.
.'Joseph W. wiltshire and Howard Eckert, doing
business Wiltshire. Eckert 81 Co, against Mau-
rice Rosenfeld and Frank Johnson, doing bust
the case on promise. So 900 o0O" When this
was DONE b, paid the clerk Sc and retired with
a summons directed against the defendant. |
Rosenfeld yesterday commenced suit for 81. 000.-
900 against Wiltshire, Eclert & Co. The com
plainants assert that they were sold out without
authority and without giving them an OPP |
claim thu the funds furnished the firm not |
used according to instructions, and that if they |
had been SO used the firm need not have failed |
and the market would not have been depressed. |
1t is also claimed that defendants owe Kershaw
q Co. $3.50 000 also that they liable to re-
pay all the money advanced them as margins
The other early birds were w. p futile, who
secured an attachment against Hand Brothers
q Co. for $3.50: Edwin H. Sedgwick against the
same, $780, William s Adams against Byron J.
McCleary & Co, 800; w. g. Press against b. j.
81 Co, S4l1, 1897; w. G.. Press against
S. NJ. Robinson, $l47 80; b. j. McCleary. for use
of Wilson Boyd, garnisnees against b z.
Hutchinson e. Co. for Sc. $50. Victor w. Mac
Farlane commenced suit against b. j. McCleary
for s25. 900, and secured attachment in aid to
protect him and B. j. McCleary 81 Co., who con-
fessed judgment on note given yesterday to
Wilson e Boyd for Sc 900. This is the first
piece of preferred paper during the panic which
has vet appeared in court.
About ii o'clock there seemed to be rush
nfter the firm of Charles j. kershaw d Co.
Watson Bair the first to apply for an at
tach ment, which he secured. the amount being
sl4562. He was followed by Orr & Comes, who
secured attachment for $40. 900. and VIM. B.
Lynn. who got one for SIS. so
Rumsey & Chandler afterward took out an at
taohment against b. j. McCleary for $4,000,
and had it suppressed while August G. Helholz
got one against the same firm for $3.50. and was |
followed by Snodgrass 81 Spear who took out
one against them for $1,275, The writs then
to be issued against new firms to the
SQUIRT clerk. Walter d. Gregory secured at
tachment against NJ B. Crafts & Co. for $568. 75
n. o. Parker took out one against Gregg, Son
G Co. for 1862 so; Bacon 81 Lindman got one
against Yourt &c Brearly for s775; III. III. Carr
secured one against II. X. Mathews for 81, 925,
md E. G. Ward given against George
K. Houghtou for 1857 80.
Yes know Wiltshire has sued us for So. 0O0,-
100 said Mr. johnson, OF VI. Rosenfsld & Co.
This suit is but another step in the continuous
yame of high bluff they have boon playing since